In an alarming escalation of the trade conflict, China has raised tariffs on imports from the United States from 34% to an unprecedented 84%. This move has prompted further actions from both nations, including China's decision to file a lawsuit against the U.S. at the World Trade Organization, alleging that the recent tariff increase by President Trump contravenes international trade agreements.

In response to the growing tensions, the European Union has unveiled plans to retaliate against U.S. tariffs by implementing its own set of countermeasures, slated to begin on April 15th. Meanwhile, China's Central Bank has instructed its state-owned banks to minimize their acquisitions of U.S. dollars in an effort to destabilize the currency.

On the domestic front, President Trump has announced a temporary 90-day suspension of tariffs for all countries except for China, where tariffs are set to soar to 125%. Additionally, U.S. Defense Secretary Pete Hegseth has raised the prospect of American military personnel returning to Panama to safeguard the Panama Canal amidst ongoing disputes between China and financial entities like BlackRock.

In a separate development, the U.S. stock market reacted positively to Trump's tariff suspension, seeing an increase of over $5.5 trillion. Further, Trump has revoked the security clearance of Chris Krebs and has instructed the Justice Department to investigate possible election-related misconduct linked to his administration.

Lastly, the U.S. House passed House Resolution 1526, a legislative move designed to limit the ability of district court judges to issue nationwide injunctions against presidential actions, aiming to prevent judicial overreach and consolidate presidential power.